Although not on our list of 10 best life insurance companies currently, The Baltimore Life Insurance Company does have a great suite of products for a wide range of consumers. While not as big and strong as some of the elite life insurance companies, Baltimore Life is positioned well within the marketplace, and should continue to do so.
Should you consider them? Obviously you want nothing but the best policy for the best value, yet the carrier truly does make a difference. Below you’ll find our Baltimore Life Insurance review, including its history, financial stability, and products for your consideration.
As always, this Baltimore Life Insurance Company review is our own opinion, and all things should be considered before placing your business with any insurer. Let’s cut to the chase.
Our Baltimore Life Insurance Company Review
Back in 1882, five businessmen, headed by Frank Strobridge, founded the Baltimore Life Insurance Company, which was then called The Baltimore Mutual Aid of Baltimore City. Just 18 years later, the name would be changed to The Baltimore Life Insurance Company of Baltimore City, and later reduced to just The Baltimore Life Insurance Company.
While holding 13 offices across just 5 states, Baltimore Life operates through independent agents nationwide in 49 states and the District of Columbia. They insure more than 300,000 people, including individuals, families, and those with businesses. They host products to suit small needs, to satisfying large estates.
Baltimore Life has more than $1.1 billion in invested assets and greater than $87 million in reserves. However, with more than a third of their bonds coming from Tier 2 credit quality sources, this has generated an A.M Best credit rating of “B++” this year. While this is the 5th highest and still is considered secure, companies who are not “A” rated or better tend to see less trust from consumers. The Better Business Bureau does give them their highest score, however.
Typically, we try not to recommend a company which doesn’t have an “A” or better rating.
The Baltimore Life Product Lines
While not massively impressive in strength and size, The Baltimore Life Insurance Company more than makes up for it in their product categories.
They tout a greater product selection than most, and have a product for nearly every single need which could arise, from the most basic term policy to advanced estate planning tools and resources. This includes:
- Life Insurance
- Critical Illness Insurance (more info)
- Disability Insurance
- Long Term Care
- Dental Insurance
- and more
For this Baltimore Life review, we’re obviously going to focus on just the life insurance portion, since it’s our only focus at this time.
Life Insurance Products By The Baltimore Life Insurance Company
The Baltimore Life Secure Solutions Protector series is a level term insurance product, offered in durations of 10, 15, 20, and 30 years. Minimum coverage starts as low as $50,000 and several riders are available. Included among them are:
- Disability Income Rider (rider details)
- Children’s Insurance Benefit (rider details)
- Waiver of Premium (rider details)
- Accidental Death Benefit
Finally, in force term policies are eligible for conversion to more permanent products, where available.
For those who have recently purchased a home and are interested in a simplified issue policy, meaning reduced underwriting and faster application decisions, The Baltimore Life Insurance Company does offer their Home Secure Level Term Life product.
Applicants can enjoy a fast and easy process completed right over the phone and gain access to as much as $300,000 in coverage for up to 30 years.
Some consumers require a more permanent solution, and Baltimore Life has them covered with the Secure Solutions Advantage Whole Life series. The policy is guaranteed to cover the applicant and grow cash on a tax deferred basis so long as premiums are paid (and loans are correctly managed). A somewhat unique feature is the Guaranteed Insurability Option Rider, which allows one to buy additional coverage without having to go through underwriting again.
For minimal final expenses, Silver Guard Simplified Issue series is a great product. There are several levels, ranging from guaranteed coverage, which requires no underwriting at all, to graded, which requires minimal underwriting. Both would include a modified death benefit, where only a partial payment would be delivered if death occurs in the first few years, with the exception being accidental death where it would pay in full regardless of time frame.
Permanent choices are also available on a more budget friendly option, the Lifetime Navigator Universal Life series. The product, like most other universal life types, has a no-lapse guarantee which keeps the policy in good standing, no matter what, as long as minimum premiums are met. Unique to Baltimore Life is their 61-day grace period, which is more than double what most carriers allow, to help with those who meet financial hardship at some point during their lifetime.
Finally, for more advanced planning, the Generation Legacy tool is a multi-layered bundle where seniors can purchase a combination annuity and whole life contract. It’s a way for those with “lazy money,” or money which isn’t accumulating much interest, to be moved into a tax deferred growth strategy where it can be utilized for greater benefit to those inheriting the estate.
When health insurance doesn’t foot the major bill for things like heart attack, strokes, cancer, kidney failure and other major surgeries, the Secure Solutions Critical Illness Insurance will cover them. A vast range of health concerns are covered, as well as other financial losses directly corresponding the event, such as lost wages, child care expenses, home health care costs, and more.
Depending on the medical issue, payouts can differ.
The Baltimore Life Insurance Company truly has one of the most comprehensive selections of products for virtually any person in any situation. For this reason, they’re an extremely valuable carrier to work with. In addition, they are a very long standing, trusted insurance company with hundreds of thousands of clients.
Currently, however, based on their financial standing, we would more than likely recommend another carrier with a higher rating, since you can get a very comparable product (and potentially for less premium) with less risk.
|Company Name (and Subsidiaries)||Baltimore Life Holdings, Inc.|
The Baltimore Life Insurance Company
Baltimore Financial Brokerage
|Company Ratings||A.M. Best (B++)|
Moody’s Investors Services (N/A)
Standard & Poor’s (N/A)
|Headquarters (Address, Phone, Web)||10075 Red Run Boulevard|
Owings Mills, MD 21117-4871
|Policy Types Available||Term|
Simplified Issue Term